The Nigerian Bureau of Statistics has released the consumer price Index July 2019 report.
The consumer price index, (CPI) which measures inflation increased by 11.08% (year-on-year) in July 2019. According to the NBS report, This is 0.14% points lower than the rate recorded in June 2019 (11.22%). The Increase were recorded in all COICOP divisions that yielded the Headline index.
The percentage change in the average composite CPI for the twelve months ending July 2019 over the average of the CPI for the previous twelve months period was 11.29 percent, compared to 11.29% recorded in June 2019.
The urban inflation rate increased by 11.43% (year-on-year) in July 2019 from 11.61 percent recorded in June 2019, while the rural inflation rate increased by 10.64% in July 2019 from 10.87 percent in June 2019.
The composite food index rose by 13.39% in July 2019 compared to 13.56% in June 2019. This rise in the food index was caused by increases in prices of Oils and fats, Meat, Bread and cereals, Potatoes, yam and other tubers, and Fish. The average annual rate of change of the Food sub-index for the twelve months ending July 2019 over the previous twelve-month average was 13.46 13.42%, 0.04% points from the average annual rate of change recorded in June 2019 (13.42%).
ALL ITEMS LESS FARM PRODUCE OR CORE INFLATION
Core inflation, which excludes the prices of volatile agricultural produce stood at 8.80% in July 2019, down by 0.04% when compared with 8.84% recorded in June 2019.
CPI STATE ANALYSIS
In July 2019, all items inflation on year on year basis was highest in Kebbi (15.41%), Kano (13.47%) and Zamfara (13.13%), while Cross River (8.87%), Delta (8.76%) and Kwara (7.93%) recorded the slowest rise in headline Year on Year inflation. On month on month basis however, July 2019 all items inflation was highest in Yobe (2.06%), Kano (2.04%) and Taraba (1.84%), while Akwa Ibom (0.19%) recorded the slowest rise with Bauchi and Ondo recording
price deflation or negative inflation.
In July 2019, food inflation on a year on year basis was highest in Kebbi (17.75%), Ekiti (16.23%) and Adamawa (16.00%), while Delta (10.60%), Bayelsa (10.43%) and Kogi (10.36%) recorded the slowest rise. On month on month basis however, July 2019 food inflation was highest in Yobe (2.82%),Taraba (2.56%) and Ekiti (2.38%), while Kogi (0.06%) recorded the slowest rise with Ogun and Ondo recording food price deflation or negative inflation